Durst Nears $1.3B Loan to Refinance One Five One

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The Durst Organization joined the Manhattan refinancing wave, securing a deal for its One Five One office property in Times Square.

Wells Fargo, JPMorgan Chase and Bank of America agreed to originate a $1.3 billion commercial mortgage-backed security for Durst’s 1.8 million-square-foot tower at 151 West 42nd Street, Bisnow reported. The loan, carrying a 6.1 percent interest rate, will pay off roughly $1.1 billion in existing debt and fund nearly $40 million in reserves and closing costs, according to an S&P Global presale report.

The CMBS transaction includes a $719 million “A” note that earned a preliminary AAA rating from S&P on the back of Durst’s financial strength and the tower’s performance. Remaining capital will go toward tenant improvements, leasing costs and a $146 million equity payout to the landlord. The deal is expected to close Aug. 19.

Green Street’s Commercial Mortgage Alert first revealed the CMBS deal. Durst previously landed a $900 million refinancing from JPMorgan Chase and Wells Fargo in 2019.

Durst’s Times Square tower, formerly known as 4 Times Square, is 92 percent leased. Its anchor tenant is social media app TikTok, which occupies 232,000 square feet through 2031. But the political cloud hanging over the Chinese-owned platform prompted lenders to earmark $50 million of the loan into a reserve fund in case TikTok’s lease is disrupted by a U.S. ban.

Durst acquired a ground lease on the property from the city and has an option to purchase it in 2027. The building was valued at $2.3 billion for the purposes of the refi.

Rents at the building average $116 per square foot. Tenants include Nasdaq, Venable and BMO Capital Markets, and the tower features H&M’s U.S. flagship store and prominent LED signage facing Broadway.

The refinancing comes as CMBS lending for New York’s top-tier office properties heats up after years of drought. More than $59 billion in CMBS loans were issued nationwide in the first half of 2025 — the strongest showing since before the financial crisis, per Trepp — and other landlords including RFR, Tishman Speyer and Ivanhoé Cambridge have recently inked billion-dollar-plus refinancings on Manhattan assets.

— Holden Walter-Warner